Ending currency manipulation would create thousands of Michigan jobs

Caroline MacGregorFebruary 27, 2014 | WGVU “to Chinese currency”

Chief economist for The Economic Policy Institute of Washington DC, Rob Scott, who says the
result is an unfair playing field, allowing for overseas markets like China to
sell their products for cheaper.

“reserves”

China has
spent over $4 trillion dollars in the last decade buying foreign exchange
reserves. Restoring balance to China’s and Japan’s currencies, Scott says, would
create millions of U.S. jobs, 40 percent of them in Michigan, mostly in the manufacturing
sector.

Representative Sandy Levin, who
represents the state’s 9th Congressional District, confirms job gains of more than 16,000
jobs in his district.

“in the state”

It would
also eliminate the hangover from the recession and reduce the trade deficit.

“trade deficit”

Scott says
the US government has been tentative to confront China.

“American workers”

Scott
believes realigning exchange rates could cut the deficit by 266 billion next
year alone and reduce the country’s deficit $500 billion a year by 2015. It
could also increase the nation’s GPD or gross domestic product output by $720 billion a
year.

Last fall, a
bipartisan group of 60 senators signed a letter to urge talks about foreign currency
manipulation in trade talks with Pacific nations.
Scott Paul,
president of the Alliance for American Manufacturing says currency manipulation is the
biggest hurdle facing manufacturing in this county.